Lake Norman Publications

Homes snapped up quickly as demand outpaces supply



Home sales across most of the Lake Norman area improved in April compared to the same month a year ago, but the bar was set uncommonly low.

The real estate market ground to a virtual halt in April 2020 as restrictions aimed at slowing the spread of COVID-19 took hold. 

Perhaps the most-promising trend in the April 2021 numbers is a healthy increase in the number of homes that went on the market during the month compared with last year. While supplies of available homes remain alarmingly low, last month’s new listings offer a glimmer of hope that inventory will begin to recover in the coming months, said David Kennedy, president of the Canopy Realtor Association, which tracks home sales in a 16-county region in North and South Carolina.

 “As COVID-19 vaccinations and reopening continues, we are encouraged by April’s sales activity, particularly growth in new listings, which should help buyers with more choice,” Kennedy said. “Remote learning and work-from-home situations have kept many sellers from listing, but with summer approaching, we may see more seller activity.”

While year-over-year sales rose significantly across most of the Lake Norman area in April, overall activity in the same communities was down for the month compared to March 2021. Despite increases in the number of new listings in April, declines in available homes ranged from 64 percent in Cornelius to 74 percent in Mooresville and Davidson compared to a year ago. Inventory also plummeted more than 70 percent in Huntersville and Denver.

While percentages illustrate the scope of the declines, raw numbers reveal the stark reality. Here are the number of available homes for April 2020 and April 2021, according to Canopy:

2020 2021
Mooresville 527 137
Huntersville 255 70
Denver 202 60
Cornelius 168 60
Davidson 139 36

With supply low and demand high, homes continue to be snapped up quickly at premium prices. Median and average sales prices were up in all five lake-area communities.With just 37 closings in April 2021, Davidson’s home sales actually fell 26 percent compared to a year earlier. Despite adding 59 homes to its inventory last month, Davidson still had only 36 available. 

In Cornelius, homes sold in April stayed on the market an average of just 11 days. That’s down from 34 days in March 2020, before the pandemic-induced slowdown.

Here’s a look at April 2021 sales data compared with April 2020, according to Canopy:


Mooresville

Closed sales: 217, up 24%

Median sales price: $358,000, up 12.5%

Average sales price: $492,490, up 31.1%

Days on market until sale: 25, down from 50 (-50%)

New listings: 262, up 23.6%


Huntersville

Closed sales: 141, up 6%

Median sales price: $378,000, up 8%

Average sales price: $409,697, up 9%

Days on market until sale: 15, down from 35 (-57.1%)

New listings: 172, up 44.5%


Cornelius

Closed sales: 73, up 73.8%

Median sales price: $395,000, up 6.6%

Average sales price: $536,149, up 7.3%

Days on market until sale: 11, down from 45 (-75.6%)

New listings: 92, up 61.4%


Denver

Closed sales: 65, up 8.3%

Median sales price: $375,000, up 5.5%

Average sales price: $460,654, up 13.2%

Days on market until sale: 44, down from 73 (-39.7%)

New listings: 117, up 33%


Davidson

Closed sales: 37, down 26%

Median sales price: $520,000, up 43.4%

Average sales price: $588,282, up 22.9%

Days on market until sale: 36, down from 64 (-43.8%)

New listings: 59, up 18%


 

Leave a Reply

Your email address will not be published. Required fields are marked *